07/12/2013 01:40 EDT | Updated 09/11/2013 05:12 EDT

Hamilton stadium to be called 'Tim Hortons Field'

It's official.

The Hamilton Tiger-Cats new stadium will be named after another born-in-Steeltown institution.

"The new stadium will be called Tim Hortons Field," announced Ticats owner Bob Young to a crowd a Carmen's banquet hall on the Hamilton Mountain.

The coffee-and-doughnut giant, whose first-ever location opened in Hamilton in 1964, has entered secured naming rights for the new stadium. The football ground, located on the same east Hamilton plot where the former Ivor Wynne Stadium once stood, is scheduled to open in 2014, the same year Tim Hortons will celebrate its 50th anniversary.

"We're two Hamilton brands and we're out to take over the world," said Young, speaking to an audience of hundreds.

Mayor Bob Bratina, a former sports announcer who covered many games at Ivor Wynne Stadium says the facility represents "a new era" for Hamilton.

"As the mayor of this city, I can't tell you how proud I am," he said.

Ticats mum on sponsorship costs

Opening in 2014, Tim Hortons Field will be home for the soccer competition for the 2015 Pan American Games as well as the Ticats' home turf. The $145.7-million is also slated to host sporting events for Hamilton-area youth as well as concerts and other entertainment.

Team president Scott Mitchell told media at the press conference Tim Hortons Field will have Canada's largest outdoor video board and a large outdoor patio space. The stadium will also include a museum with Ticat and Tim Hortons memorabilia.

The Ticats are playing their home games at Alumni Stadium in Guelph, Ont., while the new stadium is being built and is scheduled to move into the new facility in time for the 2014 CFL season.

At the Friday, announcement Mitchell said the team isn't commenting yet about how much Tim Hortons paid for the naming rights.

"We're not going into numbers today," he said, but noted the two organizations had agreed to a 10-year partnership.

CBC Hamilton reporter Cory Ruf live-blogged the event. Check out his tweets here: